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Cancellation of GST registration for non-filers of GST Returns

  • On November 19, 2019
The Goods & Services Tax (GST) Administration is going to bridle the non- filers of returns following lower than expected tax mop-up.  The administration is all set to act tough with the non-filers of returns by cancelling their registration. In technical terms, the filing of returns helps tax authorities to estimate the tax liability and […]
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Clarifying Input Tax Credit Claims under New GST Rules

  • On November 13, 2019
Since its implementation in 2016, GST laws have been kept on changing. In recent times a lot of big amends have been done to simplify GST for taxpayers. To add to the list is the latest GST circular released by Central Board of Indirect Taxes and Customs (CBIC), which is here to end confusion over […]
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GST on Adoption Fees Exempted, Kids Are Not Goods

  • On November 5, 2019
After its implication in 2016, GST is constantly changing. There has been a lot of exemption and simplification of GST in recent times. In addition to pre-existing changes, a new ruling by the Maharashtra bench of the Authority for Advance Rulings(AAR) is ready to make its way to the amends. The new ruling is about […]
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Simplification of GST to improve India’s BIZ Ranking

  • On October 31, 2019
India has jumped 14 places to the 63rd position on the World Bank’s ease of doing business ranking. After witnessing the performance, industrial sector oozed confidence that India will climb the ladder farther and soon will be among the top 50 nations on the World Bank’s ‘Doing Business’ 2020 report. The ranking has only been […]
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GSTN will release a new version of return filing interface on 22 October

  • On October 15, 2019
With an aim to further simplify the process filing GST,  GST Network (GSTN) will release an improved version of the GST return filing interface on 22 October. Many suggestions provided to the department were incorporated in version 2 which is in place right now and the other updates can be seen in version 3 which […]
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Chandigarh tops the GST chart in-country by registering 89.6% GST returns

  • On October 11, 2019
Chandigarh ranked first in the country in the Goods and Service Tax (GST) collections by registering 89.67% filing of GST returns in the first six months of the current financial year, from April 1 till September 30.  According to the records, Chandigarh has around 30,000 GST number holders from different segments, but automobile industry, sanitaryware manufacturers, […]
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Auto Industry will have to “find its own balance” – says president SIAM

  • On September 27, 2019
Following the slowdown in the automobile sector, president of Society of Indian Automobile Manufacturers (SIAM)  said that the auto industry will have to “find its own balance” to boost demands. The auto industry was very hopeful of GST reduction but the GST Council is clearly declining to cut rates for the auto sector. The industry […]
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What is GSTR- 2A reconciliation & why it is important for your business 

  • On September 24, 2019
What is GSTR-2A? GSTR-2A is a purchase-related tax return that is automatically generated for each business by the GSTN portal. It is based on the details of GSTR 1, details operator from GSTR 5 (supplied by non-resident taxable person), GSTR 6 (ISD), GSTR 7 (TDS Deduction) and GSTR 8 (collected by TCS e-commerce) of your […]
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Five things to anticipate from GST Council meeting in Goa today on 20th Sept

  • On September 20, 2019
The Goods and Services Tax (GST) Council, is set to meet in Goa amid demands from the industry for a fiscal spur. We will explain 5 probable decisions that we can expect from the meeting to be chaired by union finance minister Nirmala Sitharaman today.  1. Relief in Tax Compliance for small businesses  The Council […]
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5 Major changes in income tax laws that came into effect from September

  • On September 11, 2019
As the full budget for financial year 2019-20 was presented after the general elections, there are certain changes, that are now applicable from the September 2019. 1. TDS on non-exempt portion of life insurance As the net income portion is defined as the total sum received less of total amount of insurance premium paid. So […]
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